Lagos Assembly advances N3trn 2025 budget, mandates one-month review
The Lagos State House of Assembly, on Monday, moved forward with deliberations on the 2025 appropriation bill of N3.005 trillion, which Governor Babajide Sanwo-Olu presented last Thursday.
Presiding over the session, Speaker Mudashiru Obasa directed the joint committee on appropriation and finance to scrutinize the proposed budget and submit a detailed report within one month.
During the plenary, Hon. Sa’ad Olumoh, Chairman of the House Committee on Budget and Economic Planning, provided an overview of the budget, highlighting key allocations. However, he expressed concerns over the N408 billion deficit financing outlined in the proposal.
“While loans are beneficial when applied appropriately, we must adopt a sustainable and pragmatic approach to budget financing,” Olumoh said. “We should explore alternatives, such as Public-Private Partnership models, and ensure that the budget is realistic and free of wastage.”
Deputy Majority Leader Adedamola Richard Kasumu emphasized the importance of a comprehensive review to assess the budget’s feasibility.
Similarly, Hon. Gbolahan Yishawu (Eti-Osa 2) pointed out gaps in allocations for electricity infrastructure and climate change initiatives, proposing a five-year retrospective analysis of deficit funding for better insights.
Hon. Femi Sheed stressed the need to link borrowing to critical infrastructure projects like electricity while addressing inefficiencies and revenue leakages.
Hon. Desmond Elliot added to the critique by noting the absence of food security measures in the proposal. He urged the inclusion of programs aimed at meeting citizens’ basic needs.
Governor Sanwo-Olu, during his budget presentation, revealed plans to achieve a 59% capital expenditure and 41% recurrent expenditure ratio. He also noted that deficit financing would be sourced through internal and external loans and bonds.
The lawmakers pledged to ensure thorough scrutiny of the budget to enhance accountability and prevent unnecessary expenditures.
